WHITE FUND
ActiveSummary
The computed 12-month bankruptcy probability of WHITE FUND is 1.7% (moderate). The 2025 annual accounts show equity of €25.8m and a net result of -€326,406. Equity is growing by ~42.1% per year across the filed fiscal years. The company has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability34▲+2
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
1.7%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,700,000 at 30 days acceptable
Liquidity ample (current ratio 30.1 against 11.91 in 2024; short-term debt: 0.8% and cash: 23% of total assets), and 0.8% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
99.2%
Return on assets
-1.3%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 07-07-2026, 24 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
24 d early
2024
23 d early
2023
23 d early
2022
24 d early
2021
37 d early
2020
17 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 6 accounts on average 25 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 7 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Your own company? See how customers, suppliers and banks see it and what to improve first.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€326,406▲ 31.6%
2024 · -€477,370
Working capital
€6.3m▲ 76.6%
2024 · €3.6m
Trend over the years
In euros
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€569,332▼ 10.3%-€792,896▼ 39.3%-€793,354▼ 0.1%-€725,738▲ 8.5%-€410,507▲ 43.4%
Net result-€1.7m▼ 234%-€806,492▲ 53.5%-€793,532▲ 1.6%-€477,370▲ 39.8%-€326,406▲ 31.6%
Equity€7.2m▲ 61.5%€9.9m▲ 37.4%€14.1m▲ 42.5%€20.1m▲ 42.7%€25.8m▲ 28.2%
Total assets€7.6m▲ 51.8%€10.5m▲ 38.7%€14.5m▲ 38.3%€20.4m▲ 41.1%€26.0m▲ 27.2%
Debt€357,001▼ 31.4%€587,430▲ 64.5%€393,116▼ 33.1%€326,889▼ 16.8%€216,462▼ 33.8%
Working capital€4.5m▲ 207%€1.3m▼ 70.3%€2.7m▲ 103%€3.6m▲ 31.2%€6.3m▲ 76.6%
Staff (FTE)00
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €410,507 in 2025 against €725,738 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €26.0m
Fixed assets
€19.5m ▲ 17.8%
Current assets
€6.5m ▲ 67.3%
Equity and liabilities €26.0m
Equity
€25.8m ▲ 28.2%
Debt
€216,462 ▼ 33.8%
Debt's share of the balance-sheet total falls from 1.6% to 0.8%. Equity is higher and debt is lower.
Key figures and ratios
Current ratio
30.10▲
2024 · 11.91
Debt to equity
0.01▼
2024 · 0.02
ROE
-1.3%▲
2024 · -2.4%
ROA
-1.3%▲
2024 · -2.3%
Debt ≤ 1 year
€216,462▼
2024 · €326,889
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating charges60/66A | €569,332 | €792,896 | €793,354 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €724,551 | - | - |
| Services and other goods61 | €568,394 | €791,808 | €792,393 | - | - | - |
| Other operating charges640/8 | €938 | €1,088 | €960 | €1,188 | €1,218 | ▲ 2.6% |
| Gross operating margin9900 | - | - | - | -€724,551 | -€409,289 | ▲ 43.5% |
| Operating profit (loss)9901 | -€569,332 | -€792,896 | -€793,354 | -€725,738 | -€410,507 | ▲ 43.4% |
| Financial income75/76B | - | - | - | €248,537 | €84,295 | ▼ 66.1% |
| Recurring financial income75 | - | - | - | €34,192 | €84,295 | ▲ 147% |
| Non-recurring financial income76B | - | - | - | €214,345 | €0 | ▼ 100% |
| Financial charges65/66B | €1.2m | €13,596 | €178 | €168 | €193 | ▲ 15.1% |
| Recurring financial charges65 | €10,941 | €13,596 | €178 | €168 | €193 | ▲ 15.1% |
| Other financial charges652/9 | €10,941 | €13,596 | €178 | - | - | - |
| Non-recurring financial charges66B | €1.2m | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€1.7m | -€806,492 | -€793,532 | -€477,370 | -€326,406 | ▲ 31.6% |
| Profit (loss) for the period9904 | -€1.7m | -€806,492 | -€793,532 | -€477,370 | -€326,406 | ▲ 31.6% |
| Profit (loss) for the period to be appropriated9905 | -€1.7m | -€806,492 | -€793,532 | -€477,370 | -€326,406 | ▲ 31.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €7.6m | €10.5m | €14.5m | €20.4m | €26.0m | ▲ 27.2% |
| Fixed assets21/28 | €2.7m | €8.6m | €11.4m | €16.6m | €19.5m | ▲ 17.8% |
| Financial fixed assets28 | €2.7m | €8.6m | €11.4m | €16.6m | €19.5m | ▲ 17.8% |
| Companies linked by participating interests282/3 | €500,000 | €4.0m | €5.5m | - | - | - |
| Participating interests282 | €500,000 | €4.0m | €5.5m | - | - | - |
| Other financial fixed assets284/8 | €2.2m | €4.5m | €5.9m | - | - | - |
| Shares284 | €2.2m | €4.5m | €5.9m | - | - | - |
| Current assets29/58 | €4.9m | €1.9m | €3.1m | €3.9m | €6.5m | ▲ 67.3% |
| Amounts receivable within one year40/41 | - | €0 | €0 | €102,067 | €478,042 | ▲ 368% |
| Trade receivables40 | - | - | - | €7,623 | €0 | ▼ 100% |
| Other amounts receivable41 | - | €0 | €0 | €94,444 | €478,042 | ▲ 406% |
| Cash at bank and in hand54/58 | €4.8m | €1.9m | €3.1m | €3.8m | €6.0m | ▲ 59.0% |
| Deferred charges and accrued income490/1 | €5,681 | €5,681 | €5,681 | €34,192 | €63,543 | ▲ 85.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €7.6m | €10.5m | €14.5m | €20.4m | €26.0m | ▲ 27.2% |
| Equity10/15 | €7.2m | €9.9m | €14.1m | €20.1m | €25.8m | ▲ 28.2% |
| Contributions10/11 | €9.5m | €13.0m | €17.9m | €24.4m | €30.4m | ▲ 24.5% |
| Capital10 | €9.5m | €13.0m | €17.9m | €24.4m | €30.4m | ▲ 24.5% |
| Issued capital100 | €37.8m | €37.8m | €37.8m | €37.8m | €37.8m | = |
| Uncalled capital101 | €28.4m | €24.9m | €19.9m | €13.4m | €7.4m | ▼ 44.9% |
| Profit (loss) carried forward14 | -€2.3m | -€3.1m | -€3.9m | -€4.3m | -€4.7m | ▼ 7.5% |
| Amounts payable17/49 | €357,001 | €587,430 | €393,116 | €326,889 | €216,462 | ▼ 33.8% |
| Amounts payable within one year42/48 | €351,400 | €587,210 | €393,116 | €326,889 | €216,462 | ▼ 33.8% |
| Trade debts44 | €351,180 | €587,210 | €393,116 | €326,669 | €216,462 | ▼ 33.7% |
| Suppliers440/4 | €351,180 | €587,210 | €393,116 | €326,669 | €216,462 | ▼ 33.7% |
| Taxes, remuneration and social security45 | €220 | - | - | €220 | €0 | ▼ 100% |
| Taxes450/3 | €220 | - | - | €220 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | €5,601 | €220 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1.7m | -€806,492 | -€793,532 | -€477,370 | -€326,406 | ▲ 31.6% |
| Operating cash flow (approximation) | -€1.7m | -€806,492 | -€793,532 | -€477,370 | -€326,406 | ▲ 31.6% |
| Investment in fixed assets (approximation) | - | -€5.8m | -€2.8m | -€5.2m | -€2.9m | ▲ 43.1% |
| Change in cash | - | -€2.9m | €1.2m | €650,977 | €2.2m | ▲ 240% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
23-07
State Gazette act
Appointments: BDO Réviseurs d'Entreprises SRL (statutory auditor) and Fédérale de Participations et d'investissement (administrateur c)Resignation: François FONTAINE (administrateur c)5 facts ▸
State Gazette act
Appointments: BDO Réviseurs d'Entreprises SRL (statutory auditor) and Fédérale de Participations et d'investissement (administrateur c)
Resignation: François FONTAINE (administrateur c)5 facts ▸
- General meeting, 19-06-2026
- Auditor appointment, BDO Réviseurs d'Entreprises SRL (statutory auditor)
- Board meeting, 25-06-2026
- Director resignation, François FONTAINE (administrateur c)
- Director appointment, Fédérale de Participations et d'investissement (administrateur c)
07-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Liquidity triplescurrent ratio 30.10
Current ratio from 11.91 to 30.10; short-term debt falls from €326,889 to €216,462.
31-12
Financial
Equity above €25mEq €25.8m ▲28.2%
Equity rises from €20.1m to €25.8m.
08-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
08-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Liquidity doublescurrent ratio 7.92
Current ratio from 3.28 to 7.92; short-term debt falls from €587,210 to €393,116.
31-12
Financial
Equity above €10mEq €14.1m ▲42.5%
Equity rises from €9.9m to €14.1m.
07-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
24-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Weakest financial yearnet -€1.7m
Net result drops to -€1.7m, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity quadruplescurrent ratio 13.80
Current ratio from 3.84 to 13.80; short-term debt falls from €516,322 to €351,400.
31-12
Financial
Equity above €5mEq €7.2m ▲61.5%
Equity rises from €4.5m to €7.2m.
14-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 9 acts read
About the unread acts
Of the 9 Belgian State Gazette acts we know for this company, 1 has been read. The other 8 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
1 director, last change in 2026
Board 1
SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT
CurrentAdministrateur c · since 25-06-2026 · Public limited company · perm. rep.: François FONTAINE
Permanent representatives 1
François FONTAINE
CurrentPermanent representative · since 25-06-2026 · for SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT
Statutory auditor 1
BDO Réviseurs d'Entreprises SRL
CurrentStatutory auditor · since 23-07-2026 · perm. rep.: Cédric Antonelli
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
8 of this company's 9 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Liège · 1 establishment unit since 2019
Ground area
816 m²
Building footprint
308 m²
Volume, LiDAR
4,633 m³
Parcel 62063A0171/00B000, Wallonia · tallest building 36.4 m, ±5 floors. Linked by address, not a title deed.
38
companies at this address
See who is registered here
1 establishment unit
WHITE FUND
since 20192.295.626.150
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62063A0171/00B000 ProtectedMonument |
Wallonia | 816 m² | 1 · 308 m² | 36.4 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Mandate history
3 people since 2026, 2 in office
- Board
- Statutory auditor
- began earlier
| Name | Functions and periods |
|---|---|
| SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT |
|
| BDO Réviseurs d'Entreprises SRL |
|
| FONTAINE François |
|
Structure & network
Owners and holdings
8 owners · 4 holdingsOwners 8
-
31.75%
- Sourceown accounts 202531.75%
-
15.87%
- 13.23%
-
2.65%
-
2.65%
-
1.06%
-
1.06%
Holdings 4
-
24.69%
-
23.36%
-
22.76%
-
10.33%
According to the 2025 annual accounts of WHITE FUND and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
36 connected companiesThis company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
Linked via shared directors
Aphea.Bio
Shared corporate director
→
ASCO INDUSTRIES
Shared corporate director
→
Aukera Midco
Shared corporate director
→
Aviapartner Belgium
Shared corporate director
→
Show 32 more companies with a shared director
Banqup Group
Shared corporate director
→
Belgian Mobile ID
Shared corporate director
→
BeLightning
Shared corporate director
→
BioSenic
Shared corporate director
→
BIOXODES
Shared corporate director
→
CALYOS
Shared corporate director
→
CISSOID
Shared corporate director
→
Comet Group Holding
Shared corporate director
→
COMET TRAITEMENTS
Shared corporate director
→
COMET TYRE RECYCLING
Shared corporate director
→
COMETSAMBRE
Shared corporate director
→
ELECTRAWINDS
Shared corporate director
→
EPICS THERAPEUTICS
Shared corporate director
→
EPIMEDE
Shared corporate director
→
Fund+
Shared corporate director
→
HEX - RAYS
Shared corporate director
→
Inbiose
Shared corporate director
→
LINEAS
Shared corporate director
→
LINEAS GROUP
Shared corporate director
→
OncoDNA
Shared corporate director
→
Orizio
Shared corporate director
→
Palais des Congrès
Shared corporate director
→
Publiwind
Shared corporate director
→
Sabena Aerospace Engineering
Shared corporate director
→
Safran Booster Components
Shared corporate director
→
SmartSec
Shared corporate director
→
Société Anonyme Belge de Constructions Aéronautiques
Shared corporate director
→
Société Nationale de Construction Aérospatiale
Shared corporate director
→
SPARKI
Shared corporate director
→
THEODORUS IV
Shared corporate director
→
VIVES II - Louvain Technology Fund
Shared corporate director
→
ZEPHYR - FIN
Shared corporate director
→
Identification & contact
Identification
Legal formPublic limited company
Founded23-10-2019
Fiscal year end31-12
Contact
E-mail
info@noshaq.be
Phone
+3242216211
E-invoicing
Reachable via Peppol
Peppol ID
0208:0736705496
Registered
10-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.